17B-1-1405. Use of revenue from a qualified development zone.
(1) As used in this section: "Eligible basic special district" means a basic special district: created before April 15, 2011; and that issued limited general obligation bonds in 2024. "Qualified development zone" means the same as that term is defined in Subsection. 59-12-205(7)(a)(ii)(E)
(2) An eligible basic special district may receive revenue from the tax imposed under Section. 59-12-205
(3) An eligible basic special district that receives revenue as described in Subsectionshall use the revenue: (2) for any purpose the basic special district is authorized to perform under this chapter; and in a manner approved by the municipality where the qualified development zone is located; or in a manner approved by a county, if the qualified development zone is located in an unincorporated area of the county.